I am assuming either you get 2 IPs from your provider or the Qwest modem handles dhcp.
If the modem handles dhcp then yes how you have it should work. The printer IPs will need to be in the same subnet and IP range of the 2 clients. Do an ipconfig from a CMD prompt to find your ip addresses IE: 192.168.0.xxx.
If your isp is giving you two IPs then I am not sure at the moment.